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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 5.8x - 6.4x | 6.1x |
| Selected Fwd EBIT Multiple | 5.3x - 5.9x | 5.6x |
| Fair Value | $6.55 - $7.09 | $6.82 |
| Upside | 8.5% - 17.4% | 12.9% |
| Benchmarks | Ticker | Full Ticker |
| Caixa Seguridade Participações S.A. | CXSE3 | BOVESPA:CXSE3 |
| Wiz Co Participações e Corretagem de Seguros S.A. | WIZC3 | BOVESPA:WIZC3 |
| Ryan Specialty Holdings, Inc. | RYAN | NYSE:RYAN |
| Aon plc | A1ON34 | BOVESPA:A1ON34 |
| Brown & Brown, Inc. | BRO | NYSE:BRO |
| BB Seguridade Participações S.A. | BBSE.Y | OTCPK:BBSE.Y |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CXSE3 | WIZC3 | RYAN | A1ON34 | BRO | BBSE.Y | ||
| BOVESPA:CXSE3 | BOVESPA:WIZC3 | NYSE:RYAN | BOVESPA:A1ON34 | NYSE:BRO | OTCPK:BBSE.Y | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 51.3% | 8.7% | 34.3% | 14.9% | 19.1% | 13.9% | |
| 3Y CAGR | 26.3% | 20.3% | 26.5% | 27.4% | 17.0% | 25.4% | |
| Latest Twelve Months | 10.4% | 17.3% | 19.9% | 10.2% | 18.0% | 24.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 85.1% | 39.6% | 18.9% | 25.6% | 27.6% | 94.2% | |
| Prior Fiscal Year | 84.1% | 40.5% | 18.8% | 28.6% | 27.6% | 95.8% | |
| Latest Fiscal Year | 84.2% | 44.5% | 20.3% | 27.8% | 29.2% | 96.1% | |
| Latest Twelve Months | 83.7% | 44.4% | 19.3% | 26.5% | 29.7% | 96.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.23x | 1.15x | 4.84x | 5.83x | 7.63x | 4.86x | |
| EV / LTM EBITDA | 6.2x | 2.2x | 17.8x | 18.4x | 22.1x | 5.1x | |
| EV / LTM EBIT | 6.2x | 2.6x | 25.1x | 22.0x | 25.7x | 5.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.6x | 22.0x | 25.7x | ||||
| Historical EV / LTM EBIT | 6.7x | 8.4x | 10.5x | ||||
| Selected EV / LTM EBIT | 5.8x | 6.1x | 6.4x | ||||
| (x) LTM EBIT | 9,818 | 9,818 | 9,818 | ||||
| (=) Implied Enterprise Value | 56,705 | 59,689 | 62,674 | ||||
| (-) Non-shareholder Claims * | 15,332 | 15,332 | 15,332 | ||||
| (=) Equity Value | 72,037 | 75,022 | 78,006 | ||||
| (/) Shares Outstanding | 1,941.2 | 1,941.2 | 1,941.2 | ||||
| Implied Value Range | 37.11 | 38.65 | 40.18 | ||||
| FX Rate: BRL/USD | 5.6 | 5.6 | 5.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.66 | 6.93 | 7.21 | 6.04 | |||
| Upside / (Downside) | 10.2% | 14.8% | 19.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CXSE3 | WIZC3 | RYAN | A1ON34 | BRO | BBSE.Y | |
| Enterprise Value | 27,464 | 1,495 | 12,486 | 92,009 | 37,080 | 50,008 | |
| (+) Cash & Short Term Investments | 1,145 | 439 | 213 | 1,229 | 669 | 6,455 | |
| (+) Investments & Other | 12,221 | 245 | 72 | 101 | 0 | 8,877 | |
| (-) Debt | 0 | (413) | (3,867) | (18,178) | (4,038) | 0 | |
| (-) Other Liabilities | 0 | (604) | (515) | (246) | (20) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 40,830 | 1,163 | 8,390 | 74,915 | 33,691 | 65,341 | |
| (/) Shares Outstanding | 3,000.0 | 159.9 | 126.6 | 867.6 | 325.9 | 1,941.2 | |
| Implied Stock Price | 13.61 | 7.27 | 66.25 | 86.35 | 103.38 | 33.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.18 | 1.00 | 5.57 | |
| Implied Stock Price (Trading Cur) | 13.61 | 7.27 | 66.25 | 481.20 | 103.38 | 6.04 | |
| Trading Currency | BRL | BRL | USD | BRL | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.18 | 1.00 | 5.57 | |